The best argument from the naysayers of Elliott Wave theory as a market descriptor is the following statement: “the problem with using Elliott Wave is that you could have 3 separate analysts look at the same chart and they will come up with at least 3 different interpretations.” Certainly applying the Wave Principle can be more of an art than a science. However, this ambiguity can be a strength of the Wave Principle as opposed to a weakness.

Read

Although we would have like to have seen the wave 2 pullback take Crude Oil Futures prices up to the $64.50-area, near the 62% retracement and up against the upper boundary of the price channel on the hourly chart, all the pieces are in place for the long-term bear trend re-establish itself in violent fashion over the next few weeks.